- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-08-25T15:59:00
Brett Downes, the chief risk officer at Greensill Capital for five years before the company filed for insolvency, explains what factors he believes led to the supply chain finance startup’s abrupt collapse.
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The British Business Bank failed to carry out sufficient due diligence when it gave collapsed lender Greensill Capital approval to hand out £350 million (U.S. $465 million) under the government’s pandemic support program, according to a U.K. Parliament report.
The collapse of Greensill Capital has led to investigations into how the company got into the financial mess it did and why alarm bells didn’t ring. But one investigation is noticeably conspicuous by its absence—why the company wasn’t properly regulated in the first place.
The U.K. Serious Fraud Office has launched an investigation into suspected fraud and money laundering in financing arrangements between steel and mining magnate Sanjeev Gupta and recently collapsed Greensill Capital.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
